Opponents of Sacramento arena deal ask for clarity on term sheet

Group is concerned deal-makers are under-valuing assets

A Sacramento attorney representing a group opposed to the public funding of a new downtown arena sent a letter to City Manager John Shirey, asking for answers on what he calls inconsistencies with the term sheet.

"The city should be disclosing all this information," Patrick Soluri said Tuesday. "And it's truly shameful that it’s requiring so much investigation on our part to even understand the nature of the deal."

Soluri said he is concerned over the city's valuation of land it is contributing to the deal for investors.

It's valued at about $38 million, but Soluri said he had real estate experts look into it -- and found that figure was too low.

"That may have been intentionally understated, to help create a secret subsidy, this secret contribution to investors," Soluri said.

KCRA 3 reached out to Shirey, Mayor Kevin Johnson's office, and city council members.

None wanted to talk about the letter on camera, but some said it isn't a big concern at this point, and the deal is moving forward.